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6 months ago
Berkshire Hathaway gains $1.6 bln from its huge bite of Apple
February 25, 2017 / 1:59 PM / 6 months ago

Berkshire Hathaway gains $1.6 bln from its huge bite of Apple

NEW YORK, Feb 25 (Reuters) - Berkshire Hathaway Inc's gain on its investment in Apple Inc. stands at more than $1.6 billion after shares of the iPhone maker surged.

The stake of 61.2 million shares was acquired last year for $6.75 billion, an average of about $110.17 apiece, according to the annual report Saturday from Berkshire, which is led by billionaire chairman Warren Buffett.

The holding was valued at more than $8.3 billion as of Friday's $136.66 closing price.

Berkshire became one of the top 10 Apple investors in 2016, taking a stake of more than 9 million shares in the first quarter and then accelerating purchases in the last three months of the year.

The Apple investment appears to reflect much of the $12 billion of stock that Buffett said he had bought between the Nov. 8 Presidential election and the end of January. (Reporting By Jennifer Ablan; Editing by David Gregorio)

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